Racing Santander are keen on signing Birmingham striker Nikola Zigic in this transfer window. The 30-year-old, who joined Blues from Valencia in May, has already had two spells with Racing in his career.
Racing have just been taken over by Indian businessman Ahsan Ali Syed and would appear to have funds available.
However, McLeish denied the deal would only be done if he can sign Rubin Kazan striker Obafemi Martins.
